Swedish cybersecurity startup Baffin Bay Networks has raised a $6.4 million Series A round led by EQT Ventures. The company will use the fresh capital to further its international expansion.
Founded in 2017 by a group of cybersecurity experts, Baffin Bay Networks offers an easy to use cloud-first threat protection platform. The platform uses machine-learning to mitigate attacks from the IP layer up to the application layer. The platform also continuously improves as it adds customers, since learnings from one attack are shared across networks, creating what Baffin Bay Networks calls a "herd immune system".
“Cyber attacks are a growing problem -- largely due to IoT -- and getting more sophisticated,” said Ted Persson, operating partner and investment advisor to EQT Ventures. “Baffin Bay Network’s offering is one of the few that integrates lower-level attacks (DDoS) with higher level attacks and shares the learnings in-between. The EQT Ventures team is incredibly impressed with the team’s cloud-first approach to cybersecurity, ensuring the herd immune system continually improves over time as more customers come on board. We’re looking forward to supporting the team on the next phase of its journey.”